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Company last issued Schuldscheine in 2019
Platform to have two strategies — high yield and investment grade
Tranches in dollars and yen attract 12 banks
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Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports. -
The UK’s Young & Co’s Brewery, a pub chain, has signed £70m of new loan facilities and has become the latest in a quickly growing list of companies to lean heavily on the Bank of England’s Covid Corporate Financing Facility.
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Synlab’s multi-part liability management exercise has ended up leaning more heavily on the bond market than on loans, with the new FRN leg boosted from €400m to €850m, more than compensating for limited take-up from lenders asked to switch into a longer dated loan. But it should be little surprise that the bond went better, as it paid investors an extra 75bp for a near-identical product.
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Network Homes is looking for US private placements, according to several market sources. The London housing association is the first of its type to return to the market after a string of prospective PPs were suspended during the initial peak of the pandemic crisis. Sources expect these postponed deals to return shortly.
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The coronavirus pandemic, in terms of the financial markets has had its winners as well as its losers. The loan market, after years of decline as borrowers sought better terms in bond markets, has shown its worth in times of trouble by being able to offer liquidity lifelines to companies left in dire need of the stuff when other markets could not provide it.
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Companies that pay little tax have suffered worse share price declines during the coronavirus pandemic than the market as a whole — a result that suggests investors may at last be taking notice of this long ignored aspect of corporate governance.
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